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    Arun Jayaram • JPMorgan Chase & Co.

    Arun Jayaram's questions to EOG Resources Inc (EOG) leadership

    Arun Jayaram's questions to EOG Resources Inc (EOG) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. inquired about the sustaining capital needed for the pro forma Utica asset and whether the current activity level would drive growth. He also asked about the geological concept and primary risks for the new UAE exploration prospect.

    Answer

    CEO Ezra Yacob explained it was too early to define precise sustaining capital for the Utica but noted the asset has attractive dry gas optionality. For the UAE, he described it as a carbonate shale prospect where the primary challenge is not geological but operational, focusing on scaling infrastructure and driving down costs.

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    Arun Jayaram's questions to EOG Resources Inc (EOG) leadership • Q1 2025

    Question

    Arun Jayaram questioned EOG's decision to reduce CapEx as a low-cost producer and asked what macro factors might trigger further cuts. He also inquired about the company's cash return strategy, particularly share buybacks, in a more challenging commodity price environment.

    Answer

    CEO Ezra Yacob explained the CapEx reduction is a proactive measure of capital discipline to protect shareholder returns and free cash flow in a potentially oversupplied market, not a reflection of deteriorating project economics. CFO Ann Janssen reaffirmed that the cash return approach is unchanged, with the strong balance sheet allowing for returns greater than 100% of free cash flow, primarily through opportunistic share repurchases.

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    Arun Jayaram's questions to EOG Resources Inc (EOG) leadership • Q4 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. inquired about the wider-than-expected 2025 natural gas differential guidance and sought details on the potential capital profile and timeline for the new Bahrain venture.

    Answer

    SVP, Marketing and Midstream, Lance Terveen attributed the wider gas differential to near-term Gulf Coast basis weakness, noting new premium-priced contracts will ramp up throughout the year. CEO Ezra Yacob described the Bahrain project as a promising tight gas prospect with existing infrastructure but stated it is too early to provide a specific capital profile or cash flow timeline.

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    Arun Jayaram's questions to EOG Resources Inc (EOG) leadership • Q3 2024

    Question

    Arun Jayaram asked for details on the puts and takes for 2025 capital spending, specifically how capital would shift between basins given flat overall activity. He also questioned how the potential for countercyclical A&D and bolt-on acquisitions factored into the decision to increase gross debt.

    Answer

    COO Jeff Leitzell clarified that 2025 activity shifts will be minor, highlighted by a 50% increase in the Utica, while Dorado maintains a 1-rig program. He also noted strategic infrastructure spending will decrease from about $400 million in 2024 to around $100 million in 2025. Chairman and CEO Ezra Yacob added that the more efficient capital structure still preserves a leading balance sheet, maintaining financial strength for potential countercyclical bolt-on acquisitions.

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    Arun Jayaram's questions to Occidental Petroleum Corp (OXY) leadership

    Arun Jayaram's questions to Occidental Petroleum Corp (OXY) leadership • Q2 2025

    Question

    Arun Jayaram inquired about the cash tax tailwinds from recent legislation, asking for clarification on the $700-800 million benefit and its impact on the 2026 cash tax rate. He also asked about the multi-year production outlook for the Gulf of Mexico.

    Answer

    CFO Sunil Mathew confirmed the tax benefit figures, explaining the impact would be seen in increased deferred tax expense rather than a change to the adjusted effective tax rate. SVP & President, International Oil & Gas Operations, Kenneth Dillon, detailed the Gulf of Mexico outlook, citing water floods, facility modifications, and strong well performance as drivers for a future production ramp-up.

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    Arun Jayaram's questions to Occidental Petroleum Corp (OXY) leadership • Q1 2025

    Question

    Arun Jayaram from JPMorgan Chase & Co. asked about Occidental's divestiture strategy in the current market, specifically the preference between short-cycle and long-cycle assets, and requested more details on the opportunities in Oman's Block 53 and the new North Oman discovery.

    Answer

    CEO Vicki Hollub emphasized a value-based approach to divestitures, noting continued interest in Permian assets and the company's optionality. CFO Sunil Mathew and Kenneth Dillon, President, International Operations, expressed excitement for Oman, highlighting the potential for significant cash flow uplift from the Block 53 extension and its large resource potential of over 800 million gross barrels, alongside the new gas and condensate discovery.

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    Arun Jayaram's questions to Occidental Petroleum Corp (OXY) leadership • Q4 2024

    Question

    Arun Jayaram asked for the 2025 outlook for the Gulf of Mexico, including the quarterly production trajectory and key contributing projects, and also requested details on the extension of the EcoPetrol joint venture in the Midland Basin.

    Answer

    Kenneth Dillon, SVP & President, International Oil and Gas Operations, detailed a busy year for the Gulf of Mexico, with turnarounds, six new wells expected to add 18,000-22,000 BOE/d, and the start of 'Gulf of America 2.0' projects. Vicki Hollub, President and CEO, confirmed the EcoPetrol JV extension has terms similar to the previous agreement and is fully incorporated into the 2025 guidance.

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    Arun Jayaram's questions to Occidental Petroleum Corp (OXY) leadership • Q3 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked about the normalized, long-term capital expenditure for the OxyChem segment post-2025 and the expected earnings uplift from current projects. He also requested details on the recent divestiture in the Rockies.

    Answer

    President and CEO Vicki Hollub indicated that normalized OxyChem CapEx should return to around $300 million annually after the current expansion projects conclude. Richard Jackson, President of U.S. Onshore, added that the expansion is expected to deliver a $325 million uplift to earnings power by 2026. Regarding the Rockies, Vicki Hollub explained that the company sold the northern part of its Powder River Basin assets, which were less contiguous, to focus on the more valuable southern portion.

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    Arun Jayaram's questions to ConocoPhillips (COP) leadership

    Arun Jayaram's questions to ConocoPhillips (COP) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. requested details on the new $1 billion cost reduction and margin optimization plan, asking about its key drivers and any associated organizational restructuring.

    Answer

    Chairman and CEO Ryan Lance explained the plan is comprehensive, stemming from learnings from recent acquisitions and a new ERP system. He detailed that it involves workforce centralization, leveraging scale to lower lease operating expenses, and optimizing transportation costs. Lance specified that approximately 80% of the savings will come from G&A, LOE, and transportation cost reductions, with the remaining 20% from commercial margin expansion.

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    Arun Jayaram's questions to ConocoPhillips (COP) leadership • Q1 2025

    Question

    Arun Jayaram questioned how ConocoPhillips balances its low cost of supply against the current macro backdrop and the idea of preserving inventory, especially as peers reduce activity.

    Answer

    CEO Ryan Lance and SVP Andy O'Brien responded, emphasizing that their focus on low-cost supply provides resilience. O'Brien noted they don't time the market and value a steady-state program, which helps capture cost efficiencies. He added that the plan was already adjusted for lower growth, with production being an output of a returns-focused strategy. Lance concluded that their deep inventory affords them this operational optionality.

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    Arun Jayaram's questions to ConocoPhillips (COP) leadership • Q4 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked for the rationale behind ConocoPhillips' increased $10 billion cash return target for 2025 and how the company views potential flexibility based on commodity price changes.

    Answer

    Chairman and CEO Ryan Lance stated the target aligns with their 2016 strategy of significant shareholder returns. He expressed confidence in the target despite recent price volatility, citing the company's strong balance sheet, over $7.5 billion in cash and investments, and a planned $2 billion in asset sales. Lance reminded investors of the company's cash flow sensitivity, noting a $1 WTI change impacts CFO by about $400 million, and that historically, upside has been shared with shareholders.

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    Arun Jayaram's questions to ConocoPhillips (COP) leadership • Q3 2024

    Question

    Arun Jayaram asked about the capital allocation strategy for the acquired Marathon properties, noting their historical pattern of variable rig activity throughout the year.

    Answer

    Chairman and CEO Ryan Lance explained that ConocoPhillips will run the assets differently, leveraging its scale to maintain a consistent pace rather than Marathon's ramp-up/ramp-down approach. Nick Olds, EVP of Lower 48, added that they will apply their proven 'level-loaded and steady state' operational model, which will rationalize rig and frac activity while still delivering modest production growth from the competitive assets.

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    Arun Jayaram's questions to Murphy Oil Corp (MUR) leadership

    Arun Jayaram's questions to Murphy Oil Corp (MUR) leadership • Q2 2025

    Question

    Arun Jayaram asked for details on Murphy Oil's near-term exploration program, including key prospects in the Gulf of Mexico and West Africa, and inquired about the broader strategy for the Chinook development following the recent FPSO acquisition.

    Answer

    President, CEO & Director Eric Hambly outlined the upcoming exploration schedule, including the Cello and Banjo wells in the Gulf of Mexico, the Hai Suvong appraisal in Vietnam, and the Sievet prospect in Cote D'Ivoire. Regarding Chinook, he explained the FPSO acquisition enhances the economics of a planned high-rate development well, which could add 20-30 million barrels of resource and extend the field's life.

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    Arun Jayaram's questions to Murphy Oil Corp (MUR) leadership • Q1 2025

    Question

    Arun Jayaram asked about Murphy Oil's capital allocation strategy in a lower oil price environment (e.g., mid-$50s) and how the recent Vietnam discovery impacts the Lac Da Vang (LDV) development plan.

    Answer

    President and CEO Eric Hambly stated that while the 2025 capital plan is currently maintained, the company has identified significant spending reductions it could implement if oil prices remain below $55/bbl. These cuts would primarily impact 2026 production. However, high-value international projects in Vietnam and Cote d'Ivoire would likely proceed. Hambly also explained the new Vietnam discovery would likely be developed as a capital-efficient tie-back to the LDV-A platform, accelerating its potential online date to before the end of the decade.

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    Arun Jayaram's questions to Murphy Oil Corp (MUR) leadership • Q4 2024

    Question

    Arun Jayaram from JPMorgan Chase & Co. asked for clarification on Murphy Oil's long-term annual CapEx guidance of $1.1 billion to $1.3 billion, questioning if it includes development costs for the PON discovery in Côte d'Ivoire and the recent Hai Su Vang (HSV) discovery in Vietnam. He also requested initial estimates for the capital expenditure profiles of these two potential development projects.

    Answer

    President and CEO Eric Hambly clarified that the current long-range CapEx guidance includes the full development of the Lac Da Vang field but excludes any development costs for PON or Hai Su Vang. Hambly explained that a PON development is contingent on gas sales negotiations and would likely impact capital in the latter part of the decade (2027-2029). For the Hai Su Vang discovery, he provided a preliminary framework of $5 to $10 per barrel for development costs and another $5 to $10 per barrel for operating costs, noting the project's attractiveness.

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    Arun Jayaram's questions to Murphy Oil Corp (MUR) leadership • Q3 2024

    Question

    Arun Jayaram asked for commentary on the regulatory environment in the Gulf of Mexico, particularly regarding lease sales and permitting. He also inquired about the status of the Paon (PON) project in Cote d'Ivoire, noting its appearance on a TechnipFMC opportunity list, and whether it was in the medium-term CapEx plan.

    Answer

    CEO Roger Jenkins and President and COO Eric Hambly expressed confidence that regulatory issues like the biological opinion would not impact operations, with Jenkins anticipating a more favorable environment under a new administration. Regarding Paon, Hambly confirmed rapid progress, with a field development plan on track for submission by year-end 2024, ahead of the late 2025 deadline. He clarified the project is not yet sanctioned and its potential costs are not included in the current $1.1 billion average annual CapEx guidance.

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    Arun Jayaram's questions to Noble Corporation PLC (NE) leadership

    Arun Jayaram's questions to Noble Corporation PLC (NE) leadership • Q2 2025

    Question

    Arun Jayaram asked for clarification on the updated 2025 guidance, where revenue was lowered but EBITDA was raised, and inquired about the marketing strategy for the Black Rhino, Viking, and Jerry D'Souza drillships.

    Answer

    President and CEO Robert Eifler explained that the revenue guidance was lowered due to a couple of contract options not being exercised, while the EBITDA guidance was increased due to strong cost management. He added that the company is highly focused on securing contracts for the three key drillships, noting that demand for high-end rigs remains robust despite softness for lower-tier assets.

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    Arun Jayaram's questions to Noble Corporation PLC (NE) leadership • Q1 2025

    Question

    Arun Jayaram inquired about the competitive dynamics of the recent Shell and TotalEnergies contract awards, specifically asking if the Shell deal represented incremental demand or displaced an incumbent. He also requested more detail on operating expense expectations for Q2 and the second half of the year.

    Answer

    President and CEO Robert Eifler clarified that the TotalEnergies contracts in Suriname are incremental, while the Shell contracts in the U.S. Gulf of Mexico displace an incumbent. He stressed the strategic value was securing a potential decade-plus of work for the rigs. CFO Richard Barker explained that Q1 operating costs were favorably impacted by a $20 million insurance proceed, and that for the rest of the year, the company expects low to mid-single-digit inflationary pressure, which is managed through cost control.

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    Arun Jayaram's questions to Devon Energy Corp (DVN) leadership

    Arun Jayaram's questions to Devon Energy Corp (DVN) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked about the timing of the $200 million in realized commercial opportunity savings and questioned how the increased co-development in the Delaware Basin is impacting well productivity.

    Answer

    EVP & CFO Jeff Ritenour clarified that the commercial savings will be a full-year benefit in 2026, as the contracts take effect late in 2025. SVP John Raines explained that co-development is a strategic trade-off for higher NPV and longer inventory life, with minimal impact on Wolfcamp A productivity, while crucially preserving the value of the Wolfcamp B zone.

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    Arun Jayaram's questions to Devon Energy Corp (DVN) leadership • Q1 2025

    Question

    Arun Jayaram requested clarification on the impact of lower GP&T rates in the Delaware Basin on a per-unit basis for 2026 and inquired about potential future monetization of other midstream assets beyond the Matterhorn pipeline sale.

    Answer

    CFO Jeffrey Ritenour explained the GP&T savings are primarily in the Delaware NGL business, with some legacy contract fees being cut nearly in half. He noted the benefit would appear as both lower GP&T costs and improved price realizations. President and CEO Clay Gaspar addressed the midstream strategy, stating that Devon takes a holistic view, evaluating whether to hold, expand, or monetize assets based on strategic value, and that further actions are possible but not specified.

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    Arun Jayaram's questions to Devon Energy Corp (DVN) leadership • Q4 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked for the drivers behind the significant Q4 production beat in the Eagle Ford and its sustainability. He also analyzed the 2025 cash return framework, suggesting it implies a focus on the balance sheet.

    Answer

    COO Clay Gaspar attributed the Eagle Ford outperformance to D&C efficiencies and well timing, but cautioned against extrapolating the Q4 run rate. CFO Jeff Ritenour stated that as efficiencies lower breakevens, the company will reevaluate its $200-$300 million quarterly buyback range, suggesting potential upside while still targeting a $2.5 billion debt reduction.

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    Arun Jayaram's questions to Devon Energy Corp (DVN) leadership • Q3 2024

    Question

    Arun Jayaram inquired about the key drivers behind the recent increase in well productivity in the Delaware Basin and what productivity levels are being assumed in the preliminary 2025 plan. He also asked about potential self-help opportunities to enhance capital efficiency in the Bakken following the Grayson Mill acquisition.

    Answer

    Chief Operating Officer Clay Gaspar explained that the 2025 guidance is still preliminary but has already improved. He attributed productivity gains to breakthroughs in well placement, completion design, and sequencing, noting the current guide may not fully incorporate all potential upside. Regarding Grayson Mill, Gaspar stated they expect to significantly exceed synergy targets, citing immediate wins in infrastructure and capital programs, as well as long-term value from combining team expertise on techniques like refracs.

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    Arun Jayaram's questions to Coterra Energy Inc (CTRA) leadership

    Arun Jayaram's questions to Coterra Energy Inc (CTRA) leadership • Q2 2025

    Question

    Arun Jayaram from JP Morgan Chase & Co inquired about the expected oil growth trajectory in the second half of the year, asking for the company's confidence level in hitting the midpoint of its guidance, which implies a significant Q4 ramp. He also asked if the company is now confident enough to co-develop zones in Culberson County.

    Answer

    CEO Thomas Jorden stated the company has 'high confidence' in its oil forecast, describing it as 'simple arithmetic' driven by a statistical anomaly of high-working-interest projects coming online in Q4, not operational gymnastics. He also affirmed that the Harkey issue was not a co-development problem and that they are confident in their ability to co-develop zones.

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    Arun Jayaram's questions to Coterra Energy Inc (CTRA) leadership • Q1 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. requested an update on the Barbero row development, specifically the status of the Harkey wells planned there, and asked how the reduction in the Permian rig count aligns with maintaining the company's three-year outlook.

    Answer

    SVP of Business Units Michael Deshazer confirmed that six of the eight Harkey wells at Barbero have been removed from the current frac schedule. Chairman, CEO and President Thomas Jorden added that the overall three-year outlook for 5%+ oil growth remains intact despite the near-term rig count reduction in the Permian.

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    Arun Jayaram's questions to Coterra Energy Inc (CTRA) leadership • Q4 2024

    Question

    Arun Jayaram asked for key lessons from the Windham Row development, particularly the Wolfcamp and Harkey interplay, and sought clarification on the 2025 production guidance, which was maintained despite a shorter contribution period from newly acquired assets.

    Answer

    Chairman, CEO and President Thomas Jorden confirmed that reservoir performance met forecasts and they are encouraged by the results. SVP of Business Units Michael Deshazer added that data is still being analyzed to guide future co-development decisions. SVP of Operations Blake Sirgo explained that bolstered base production offset the shorter contribution from acquisitions, and noted that some capital savings from the Permian were reallocated to the Marcellus.

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    Arun Jayaram's questions to Coterra Energy Inc (CTRA) leadership • Q3 2024

    Question

    Arun Jayaram inquired about how returns from the Harkey shale compare to the Upper Wolfcamp and asked for an assessment of the regulatory risk from potential new setback rules in New Mexico.

    Answer

    Tom Jorden, Chairman, CEO and President, stated that while Harkey returns are outstanding, they are generally slightly lower than the Upper Wolfcamp. Regarding New Mexico, he characterized the setback rule story as "very overblown," emphasizing the state's reliance on oil and gas revenue and describing the regulatory environment as fair but tough, concluding it is not a serious risk at this time.

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    Arun Jayaram's questions to Flowco Holdings Inc (FLOC) leadership

    Arun Jayaram's questions to Flowco Holdings Inc (FLOC) leadership • Q2 2025

    Question

    Arun Jayaram inquired about the recent acquisition from Archrock, asking for details on its impact on the competitive dynamics of the HPGL and VRU segments and the outlook for the second half of the year. He also asked about FloQo's progress in entering the midstream market with its vapor recovery units.

    Answer

    President, CEO & Director Joe Bob Edwards explained that the Archrock acquisition consolidates the HPGL market, is immediately accretive, and pulls forward CapEx from 2026 by adding idle, electric-drive units and new customers. Regarding midstream, Edwards stated that FloQo has sold a few dozen VRU units to large operators, moving beyond the trial phase and anticipating larger demand profiles in future quarters.

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    Arun Jayaram's questions to Flowco Holdings Inc (FLOC) leadership • Q1 2025

    Question

    Arun Jayaram asked about the competitive advantage of Flowco's domestic supply chain amid potential tariffs on Chinese-made ESPs, and for clarification on the revenue mix between product sales and rentals, as well as the drivers for second-half EBITDA growth.

    Answer

    CEO Joseph Edwards explained that Flowco's U.S.-based manufacturing and supply chain for High-Pressure Gas Lift (HPGL) provides a significant competitive advantage over China-reliant ESPs, a benefit amplified by tariff discussions. CFO Jonathan Byers added that the revenue mix, currently around 50/50 sales to rentals, is expected to shift towards the low-to-mid 50s for rentals by year-end. This shift to higher-margin rentals is a key driver for the projected low double-digit year-over-year EBITDA growth.

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    Arun Jayaram's questions to Flowco Holdings Inc (FLOC) leadership • Q4 2024

    Question

    Arun Jayaram asked for an update on Flowco's 2025 outlook, considering recent macroeconomic changes like tariffs and geopolitical events, and inquired about the expected progression of profit margins for the year.

    Answer

    CEO Joe Bob Edwards affirmed that the company's story remains unchanged, as its business is tied to stable production volumes rather than volatile drilling and completion spending. He highlighted Flowco's domestic supply chain as a key defense against tariff uncertainty. Edwards also stated that margins are expected to 'bleed higher' throughout 2025 due to a revenue mix shift towards higher-margin equipment rentals.

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    Arun Jayaram's questions to Diamondback Energy Inc (FANG) leadership

    Arun Jayaram's questions to Diamondback Energy Inc (FANG) leadership • Q2 2025

    Question

    Arun Jayaram of JP Morgan Chase & Co. inquired about Diamondback's role in Permian consolidation and requested an update on its $1.5 billion non-core asset sale program.

    Answer

    CEO Kaes Van't Hof positioned Diamondback as the 'consolidator of choice' due to its proven ability to integrate acquisitions like Endeavor and execute at a lower cost. Regarding asset sales, he confirmed progress on the $1.5 billion target, with the EPIC pipeline stake and Endeavor water assets being the next major items, stating that binding documents are in progress.

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    Arun Jayaram's questions to Diamondback Energy Inc (FANG) leadership • Q1 2025

    Question

    Arun Jayaram asked for an estimate of the 2026 maintenance capital required to hold production flat at 485,000 bbl/d and inquired about the capital allocation balance between debt reduction and share repurchases.

    Answer

    President Kaes Van’t Hof suggested a $900 million per quarter CapEx run-rate would be a reasonable baseline to maintain that production level. He further stated that share repurchases are the 'smartest capital allocation decision today,' with approximately 70-75% of free cash flow likely going to buybacks and the base dividend, and the remainder to debt reduction.

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    Arun Jayaram's questions to Diamondback Energy Inc (FANG) leadership • Q4 2024

    Question

    Arun Jayaram asked for details on the planned $1.5 billion asset sale program tied to the Double Eagle transaction and questioned the implications for well productivity in 2025, given that the lower CapEx is accompanied by a higher number of gross wells turned to sales.

    Answer

    President Kaes Van't Hof stated the asset sales can likely be achieved without selling operated acreage, with value coming from equity method investments, the Endeavor water business, and a non-op position in the Delaware Basin. He clarified that while the TIL number has noise, a run-rate of 525-540 wells is a good estimate. He asserted that oil productivity will be strong and the company is focused on the 'dollars of CapEx per barrel produced' metric to maintain capital efficiency.

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    Arun Jayaram's questions to Diamondback Energy Inc (FANG) leadership • Q3 2024

    Question

    Arun Jayaram asked for an overview of the value creation potential from Diamondback's various equity investments, including the EPIC crude line, Deep Blue, and the emerging data center opportunity. He also sought to quantify the cost savings from improved operational efficiency, such as running fewer rigs and frac fleets.

    Answer

    Chairman and CEO Travis Stice described the data center initiative as a strategy to add value to the company's natural gas and surface acreage. He positioned the EPIC pipeline as a strategic investment to capture value from future crude takeaway needs. President and CFO Kaes Van't Hof quantified efficiency gains, noting that running fewer rigs and increasing frac pump rates directly reduces significant variable costs. Travis Stice added that synergies were delivered ahead of schedule, highlighting the new $600 per foot well cost in the Midland Basin.

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    Arun Jayaram's questions to Chevron Corp (CVX) leadership

    Arun Jayaram's questions to Chevron Corp (CVX) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. requested an update on Chevron's Eastern Mediterranean gas strategy, including thoughts on a potential Leviathan expansion and the status of the Aphrodite project in Cyprus.

    Answer

    Vice Chairman Mark Nelson stated the immediate focus is on safety and regional supply. Growth projects at Tamar and Leviathan are on track to come online late this year or early next, increasing capacity by 25%. For Aphrodite, front-end engineering is underway with an approved development plan, and the project will proceed towards a final investment decision (FID) if it meets competitive return thresholds.

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    Arun Jayaram's questions to Exxon Mobil Corp (XOM) leadership

    Arun Jayaram's questions to Exxon Mobil Corp (XOM) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked for details on Guyana, noting production from Liza II and Payara was running above nameplate capacity and inquiring about debottlenecking efforts and the decline at Liza I.

    Answer

    Chairman and CEO Darren Woods confirmed that operational and technology teams consistently work to debottleneck facilities and maximize the value of invested capital, with learnings applied to future projects. He expects this outperformance to continue. Regarding Liza I, he noted that natural decline is expected over time and that the organization is always working on development plans to maximize utilization of existing infrastructure, as those are the highest-margin barrels.

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    Arun Jayaram's questions to Cactus Inc (WHD) leadership

    Arun Jayaram's questions to Cactus Inc (WHD) leadership • Q2 2025

    Question

    Arun Jayaram of JP Morgan Chase & Co sought to confirm if the early June guidance for Pressure Control margins had excluded the impact of increased Section 232 tariffs and recent legal costs. He also asked for more details on the nature of the legal dispute with Cameron.

    Answer

    CEO Scott Bender confirmed that the guidance did not factor in the significant Section 232 tariff increase and was also impacted by a pause in cost recovery efforts. An unnamed executive added that the legal charge relates to an IP dispute over the SafeLink product, noting the trial was delayed and more expenses are expected in the second half of the year. Further details are expected in the 10-Q filing.

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    Arun Jayaram's questions to Cactus Inc (WHD) leadership • Q1 2025

    Question

    Arun Jayaram asked about the timeline for the Vietnam facility to ramp up and replace China for U.S. supply, and how the company's average cost inventory method might impact margins in the second half of the year due to tariffs.

    Answer

    CEO Scott Bender stated the goal is for Vietnam to supply nearly 100% of U.S. needs, with the main gating item being the API certification process. CFO Jay Nutt explained that while they have significant pre-tariff inventory, some margin compression is expected in the back half of the year, which will be mitigated by supply chain diversification.

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    Arun Jayaram's questions to Cactus Inc (WHD) leadership • Q4 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. inquired about the company's strategy to mitigate tariff impacts, including a $6 million supply chain investment in Vietnam, and sought details on the new H2S-qualified product within the Spoolable Technologies segment.

    Answer

    Chairman and CEO Scott Bender detailed the plan for the new Vietnam facility to supply U.S. demand, shifting the China facility to serve international markets. He explained the $6 million investment enhances vertical manufacturing capabilities. Flex Steel CEO Steve Tadlock confirmed the H2S product is commercialized, with first shipments imminent, and noted it significantly expands the addressable market, particularly in the Middle East, supporting long-term international growth goals.

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    Arun Jayaram's questions to Cactus Inc (WHD) leadership • Q3 2024

    Question

    Arun Jayaram asked for an overview of the company's inorganic growth strategy and portfolio augmentation plans, and inquired about the potential risks from tariffs and how the company is positioned to mitigate them.

    Answer

    Chairman and CEO Scott Bender stated that while the primary M&A focus is on international opportunities, the company would consider another domestic acquisition similar to the successful FlexSteel deal, given its strong balance sheet. Regarding tariffs, Mr. Bender explained that Cactus is in the best position among competitors due to its existing U.S. manufacturing in Bossier City, the new non-Section 301 facility under development, and the fact that FlexSteel products are 100% U.S. made.

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    Arun Jayaram's questions to Antero Resources Corp (AR) leadership

    Arun Jayaram's questions to Antero Resources Corp (AR) leadership • Q2 2025

    Question

    Arun Jayaram inquired about the impact of new Gulf Coast LPG export capacity on Mont Belvieu pricing and the company's strategy for balancing share buybacks with debt reduction.

    Answer

    SVP of Liquids Marketing, David Cannelongo, explained that new export capacity should lead to higher benchmark NGL prices, benefiting Antero's domestic exposure. CFO Michael Kennedy added that the company opportunistically shifted towards share buybacks due to stock price dislocations but will continue a flexible approach, balancing buybacks with further debt reduction based on market conditions.

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    Arun Jayaram's questions to Antero Resources Corp (AR) leadership • Q1 2025

    Question

    Arun Jayaram asked for clarification on Antero's LPG marketing agreements, specifically whether the 90% firm sales figure applies to total or just export volumes, and inquired about the costs of these agreements. He also asked about the company's perspective on inorganic M&A opportunities in U.S. shale.

    Answer

    David Cannelongo, SVP of Liquids Marketing, clarified that while the 90% figure mentioned refers to export volumes, domestic volumes are also over 90% locked in, supporting their guidance. He explained these agreements are opportunistic to maximize value. CFO Michael Kennedy addressed M&A, stating that any deal must compete with their strong, low-cost organic leasing program and that with a 20+ year inventory, there is no strategic need for M&A.

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    Arun Jayaram's questions to Antero Resources Corp (AR) leadership • Q4 2024

    Question

    Arun Jayaram inquired about Antero's and the Appalachia Basin's capacity to increase gas production to meet rising demand, and sought details on the new drilling joint venture, including its strategic benefits and financial terms.

    Answer

    CFO Michael Kennedy explained that Antero is comfortable at its current maintenance capital level because its firm transportation portfolio is full, limiting the ability to grow production for the market. Regarding the joint venture, he noted it continues a strategy from 2021 to maintain a consistent two-rig program for efficiency. The new JV partner receives a 15% working interest while funding a disproportionately higher share of the capital.

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    Arun Jayaram's questions to Antero Resources Corp (AR) leadership • Q3 2024

    Question

    Arun Jayaram asked for expectations on the timing of Gulf Coast LPG export capacity increases and their potential impact on Antero's price premiums. He also sought clarity on the specific price conditions required to complete the 12 deferred DUC wells.

    Answer

    SVP of Liquids Marketing David Cannelongo noted new export capacity is expected in mid-2025 and early 2026 but may be used for other products like ethane, potentially sustaining market tightness. CFO Michael Kennedy added that the deferred, lower-BTU DUCs require natural gas prices of $2.50/Mcf or higher to incentivize completion, a decision that can be made with a 60-day lead time.

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    Arun Jayaram's questions to Tenaris SA (TS) leadership

    Arun Jayaram's questions to Tenaris SA (TS) leadership • Q2 2025

    Question

    Arun Jayaram asked for Tenaris's outlook for the second half of 2025, focusing on volume and margin trends given tariff impacts and slowing U.S. activity, and inquired about the 2026 project pipeline compared to 2025.

    Answer

    Chairman & CEO Paolo Rocca projected a high single-digit sales decline in Q3 due to lower fracking and line pipe activity, with Q4 visibility limited by tariff uncertainty. COO Gabriel Podskubka highlighted a positive offshore market and a strong project backlog building for 2026, driven by awards in Suriname, Brazil, and Nigeria, which will follow a period of lower offshore deliveries in late 2025.

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    Arun Jayaram's questions to Tenaris SA (TS) leadership • Q1 2025

    Question

    Arun Jayaram asked for an updated view on how U.S. steel tariffs will impact operating results, inquired about changes in U.S. import levels, and questioned the company's plans for its $4 billion net cash balance, including the potential for a new share buyback authorization.

    Answer

    Chairman and CEO Paolo Rocca estimated a gradual tariff impact of around $70 million per quarter, which he expects will be offset by price increases. He also confirmed that the agenda for the next annual meeting includes renewing the authorization for a share buyback of up to 10% of outstanding shares. U.S. President Guillermo Moreno added that imports rose in Q1 in anticipation of tariffs but expects the administration to focus on increasing domestic industry utilization.

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    Arun Jayaram's questions to Tenaris SA (TS) leadership • Q4 2024

    Question

    Arun Jayaram asked about the potential impact of a 25% U.S. tariff on imported steel tubulars, questioning its effect on existing Section 232 quotas, OCTG pricing, and import trends. He also inquired about Tenaris's growth prospects in Argentina, specifically regarding OCTG, long-haul pipelines, and services like coiled tubing and fracking.

    Answer

    Chairman and CEO Paolo Rocca responded that he expects U.S. prices to gradually increase due to the tariffs, as imports are a relevant share of the market. He believes the U.S. administration will continue to support the domestic industry, positioning Tenaris favorably. Regarding Argentina, Mr. Rocca expressed a very positive outlook, citing a substantial expected increase in rig activity in Vaca Muerta, ongoing pipeline projects, and Tenaris's own expansion of fracking capabilities to meet rising demand.

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    Arun Jayaram's questions to Tenaris SA (TS) leadership • Q2 2024

    Question

    Arun Jayaram requested elaboration on the destocking trends in the Middle East and asked if the expected H2 volume decline is a permanent loss or a shift into 2025. He also questioned the most prudent use of the company's $3.8 billion net cash position.

    Answer

    Chairman & CEO Paolo Rocca expressed confidence that demand in Argentina and Mexico is postponed, not lost. Chief Operating Officer Gabriel Podskubka explained that while Middle East drilling is strong, key NOCs are destocking, affecting H2 shipments. On capital allocation, Rocca reiterated the company's dividend and buyback policy while actively seeking high-return investment opportunities.

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    Arun Jayaram's questions to Ovintiv Inc (OVV) leadership

    Arun Jayaram's questions to Ovintiv Inc (OVV) leadership • Q2 2025

    Question

    Arun Jayaram asked about Ovintiv's potential role as a natural consolidator in the Montney basin and sought clarification on the long-term impact of tax changes on the company's U.S. cash tax rate.

    Answer

    President and CEO Brendan McCracken stated that while the company's operating model is working well, the bar for M&A is very high as their current premium inventory is hard to beat. EVP & CFO Corey Code explained that the reduced U.S. cash tax guidance is due to depreciation changes, and the rate should be around 3% of pre-tax book income for the next three years.

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    Arun Jayaram's questions to Ovintiv Inc (OVV) leadership • Q1 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. questioned the company's confidence in achieving its full-year CapEx target given front-loaded spending and sought assurance on the Anadarko basin's production ramp-up.

    Answer

    Executive Brendan McCracken expressed "100% confidence" in the full-year capital guidance, attributing the first-half weighting to accelerated activity from the efficient integration of new Montney assets. Executive Gregory Givens affirmed confidence in the Anadarko production ramp, noting that April volumes had already reached 28,000 barrels per day, on track for the guided 30,000 bbl/d run-rate.

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    Arun Jayaram's questions to Ovintiv Inc (OVV) leadership • Q4 2024

    Question

    Arun Jayaram inquired about the strategic implications of Ovintiv's deep inventory position on future A&D and free cash flow durability, and asked for an analysis of the potential impact of future tariffs on Canadian imports.

    Answer

    Executive Brendan McCracken explained that the deep inventory provides strong confidence in durable free cash flow and raises an 'already high bar' for future A&D. Regarding potential tariffs, he stated the company anticipates a 'modest impact,' as negative effects on the supply chain and gas exports would likely be offset by favorable foreign exchange movements, resulting in a net-neutral impact to 2025 cash flow.

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    Arun Jayaram's questions to TechnipFMC PLC (FTI) leadership

    Arun Jayaram's questions to TechnipFMC PLC (FTI) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked for an outlook on activity in emerging areas outside the traditional 'Golden Triangle' and questioned the impact of a competitor transaction on the Middle East Surface Technologies market.

    Answer

    CEO & Chair Douglas Pferdehirt described an expanded global opportunity set including robust activity in Guyana, Suriname, East Africa (Mozambique), the Eastern Mediterranean, and Namibia. Regarding Surface Technologies, he noted the Middle East is a highly complex market where TechnipFMC is a technology leader, and the recent transaction merely swaps one competitor for another that faces a significant learning curve.

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    Arun Jayaram's questions to TechnipFMC PLC (FTI) leadership • Q1 2025

    Question

    Arun Jayaram asked for an update on the subsea order outlook for 2026 and questioned why the financial impact from recently announced tariffs was so minimal.

    Answer

    CEO Douglas Pferdehirt reaffirmed a strong outlook for 2026, suggesting inbound orders could again be in the $10 billion range, depending on FID timing. Regarding tariffs, Pferdehirt noted 95% of revenue is outside the U.S. land market. CFO Alf Melin added that the impact is further limited because much of the U.S. business involves installation and services, not products. The less than $20 million impact is contained within existing guidance.

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    Arun Jayaram's questions to TechnipFMC PLC (FTI) leadership • Q4 2024

    Question

    Arun Jayaram from JPMorgan Chase & Co. inquired about TechnipFMC's Subsea margin trajectory, asking if the guided ~20% is a peak, and sought insights on the competitive implications of the announced Saipem/Subsea 7 merger.

    Answer

    Chair and CEO Douglas Pferdehirt stated that the current margin guidance is not considered a peak, attributing ongoing potential to the company's unique iEPCI and Subsea 2.0 operating models. Regarding the merger, he contrasted TechnipFMC's integration strategy with competitors' consolidation, asserting that the move does not alter market dynamics or FTI's inbound outlook for 2025 and beyond, thanks to its direct-award model and vessel ecosystem.

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    Arun Jayaram's questions to TechnipFMC PLC (FTI) leadership • Q3 2024

    Question

    Arun Jayaram inquired about the key drivers behind the significant 2025 Subsea margin guidance increase and asked how TechnipFMC plans to manage project execution amid a tightening market for installation vessels.

    Answer

    Chair and CEO Douglas Pferdehirt and CFO Alf Melin attributed the margin expansion to a richer mix of iEPCI and Subsea 2.0 projects, strong execution, and improved backlog quality. Regarding vessels, Mr. Pferdehirt highlighted the company's 'vessel ecosystem' strategy, established in 2019, which leverages partner vessels to expand capacity and de-risk project delivery, ensuring they can meet growing iEPCI demand without being constrained by their own fleet.

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    Arun Jayaram's questions to EQT Corp (EQT) leadership

    Arun Jayaram's questions to EQT Corp (EQT) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co asked for a timeline on reaching full volume commitments for the Shippingport and Homer City projects. He also questioned how the recent PJM capacity auction, which cleared at the price cap, might impact future gas power generation development.

    Answer

    CFO Jeremy Knop projected both projects would reach their full rates by year-end 2028, aligning with other major infrastructure in-service dates like the Transco expansion and MVP Boost, which he believes will create a rapidly tightening market. Regarding the PJM auction, Mr. Knop viewed it as a sign of the market working to solve supply issues, indicating that necessary power generation will be built, albeit at higher prices that EQT's integrated platform can efficiently address.

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    Arun Jayaram's questions to EQT Corp (EQT) leadership • Q1 2025

    Question

    Arun Jayaram questioned the benefits for EQT in pursuing data center deals, focusing on potential margin enhancements beyond local basis improvements. He also asked for a breakdown of the forecasted $0.30 basis differential improvement, separating the impact of M2 tightening from the uplift of long-term sales agreements.

    Answer

    CEO Toby Rice explained that the need for supply security for multi-billion dollar data centers creates opportunities for EQT to provide comprehensive energy solutions, leading to margin uplifts and sustainable growth triggers. He noted EQT can redirect its 2 Bcf/day of in-basin gas to these deals. CFO Jeremy Knop clarified that of the projected $600 million free cash flow uplift, roughly half is from contracted sales deals and the other half is from expected in-basin market fundamentals.

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    Arun Jayaram's questions to EQT Corp (EQT) leadership • Q4 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked about the long-term trajectory for EQT's capital expenditures, including the evolution of maintenance and strategic growth spending. He also inquired about the development of in-basin power demand and the potential for EQT to secure gas-for-power deals.

    Answer

    President and CEO Toby Rice indicated that maintenance CapEx for the upstream business will trend down over time. CFO Jeremy Knop confirmed that current guidance is already trending below previous outlooks and noted a rapid increase in momentum for discussions with hyperscalers and power producers. Knop highlighted EQT's unique position due to its investment-grade rating, net-zero credentials, inventory depth, and integrated model, which allows it to offer a holistic solution.

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    Arun Jayaram's questions to Baker Hughes Co (BKR) leadership

    Arun Jayaram's questions to Baker Hughes Co (BKR) leadership • Q2 2025

    Question

    Arun Jayaram from JPMorgan Chase & Co. inquired about the net impact of the three recent portfolio transactions on 2026 projections for revenue and EBITDA. He also asked for Lorenzo Simonelli's thoughts on further portfolio optimization moves and whether they would be focused on IET, OFSE, or both.

    Answer

    EVP & CFO Ahmed Moghal clarified that the transactions would have a very modest benefit to segment margins and projected a net EBITDA impact of just over $100 million in 2026. Chairman & CEO Lorenzo Simonelli elaborated that portfolio optimization is a continuous key strategy, focused on redeploying capital into higher-margin, accretive assets. He stated they will continue to assess all 30+ businesses for strategic fit and will target acquisitions that strengthen their industrial footprint and mature asset solutions, while having ample capacity to pursue value-accretive opportunities.

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    Arun Jayaram's questions to Baker Hughes Co (BKR) leadership • Q2 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked about the net EBITDA impact of the three recent portfolio transactions on 2026 estimates and inquired about the strategy for further portfolio optimization moves across the IET and OFSE segments.

    Answer

    EVP & CFO Ahmed Moghal clarified that the net EBITDA impact from the three transactions in 2026 is expected to be just over $100 million, with a very modest benefit to segment margins. Chairman & CEO Lorenzo Simonelli added that portfolio optimization remains a key strategy, focused on redeploying capital into higher-margin, recurring revenue businesses and continuously evaluating all business lines for strategic fit and returns.

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    Arun Jayaram's questions to Baker Hughes Co (BKR) leadership • Q1 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked for clarity on Baker Hughes' 2025 full-year guidance, questioning the company's confidence in achieving the low end of its previous EBITDA range ($4.7 billion) given the new $100-$200 million tariff impact.

    Answer

    CEO Lorenzo Simonelli cited significant macro uncertainty for the shift to a guidance framework. CFO Ahmed Moghal detailed the tariff impact, noting over half affects the IET segment. Moghal confirmed that the company could approach the $4.7 billion EBITDA level if tariff impacts are at the lower end of the estimated range and if oil prices and tariff rates stabilize at current levels. Simonelli concluded there is still a path to the low end of the original guidance range.

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    Arun Jayaram's questions to Baker Hughes Co (BKR) leadership • Q4 2024

    Question

    Arun Jayaram asked for details on the 2025 Industrial & Energy Technology (IET) order outlook, including drivers for LNG and gas infrastructure, and followed up on the company's inroads into the gas turbine market for non-oil and gas applications like data centers.

    Answer

    Chairman and CEO Lorenzo Simonelli expressed confidence in the $13.5 billion midpoint for 2025 IET orders, citing a rebound in LNG, continued strength in gas infrastructure, and robust FPSO demand. He confirmed the $5 billion Gas Tech order threshold is "well in reach." For gas turbines, Simonelli highlighted the growing opportunity for the NovaLT turbine portfolio in providing distributed power solutions for the data center market.

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    Arun Jayaram's questions to Halliburton Co (HAL) leadership

    Arun Jayaram's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    Arun Jayaram from JPMorgan Chase & Co. requested more detail on the unconventional opportunities in the Middle East, particularly Halliburton's positioning for the upcoming Jafurah tender in Saudi Arabia. He also asked about the potential divestiture of a portion of the company's chemicals business.

    Answer

    Chairman, President & CEO Jeff Miller confirmed Halliburton is well-positioned for Middle East unconventionals, with new work starting in the UAE. While declining to comment on the specific Jafurah tender, he stressed the company's disciplined, returns-focused bidding process. On portfolio management, he acknowledged that the company periodically reviews its assets to focus on high-return growth areas like ESP artificial lift.

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    Arun Jayaram's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    Arun Jayaram from JPMorgan Chase & Co. asked about Halliburton's positioning for unconventional projects in the Middle East, specifically the upcoming Jafurah tender in Saudi Arabia, and the potential for a rebound in activity. He also inquired about the company's strategy for portfolio pruning, referencing a potential divestiture of a chemicals business.

    Answer

    Chairman, President & CEO Jeff Miller stated that Halliburton is well-positioned for Middle East unconventionals, with new work starting in the UAE. He declined to comment on the specific Jafurah tender but stressed a disciplined, returns-focused bidding process. On portfolio management, Miller confirmed that the company continuously evaluates its businesses, divesting assets that do not meet growth and return criteria while investing in attractive areas like ESP artificial lift.

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    Arun Jayaram's questions to Halliburton Co (HAL) leadership • Q1 2025

    Question

    Arun Jayaram questioned the international outlook, asking which non-OPEC areas might see spending impacts, and requested details on specific items in the cash flow statement, including a $345 million equity investment and a large outflow in other operating items.

    Answer

    CEO Jeffrey Miller identified Norway and Brazil as non-OPEC growth areas and stated that Halliburton's collaborative model is winning work, with a stronger second half expected. CFO Eric Carre clarified the cash flow items, explaining the equity investment was an increased ownership stake in VoltaGrid, while the operating cash outflow included typical incentive payouts, taxes, and the cash portion of the Q1 restructuring charge.

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    Arun Jayaram's questions to Halliburton Co (HAL) leadership • Q4 2024

    Question

    Arun Jayaram asked for a technical description of how the Octiv Auto Frac service works, particularly when paired with Sensori frac-monitoring, and inquired about the commercial model for this technology. He also asked for Halliburton's perspective on the offshore market, any concerns about 'white space' on rig schedules, and the outlook for its offshore business in 2025.

    Answer

    Chairman, President and CEO Jeffrey Miller explained that Octiv Auto Frac provides precise control to ensure the frac design is perfectly delivered, while Sensori verifies where the proppant goes, comparing it to an MWD log for drilling. He confirmed it's a valuable, stand-alone priced service. On offshore, Miller stated Halliburton doesn't see significant 'white space,' but rather normal rig movements, and noted a solid pipeline of FIDs supports growth in 2025 and beyond.

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    Arun Jayaram's questions to Halliburton Co (HAL) leadership • Q3 2024

    Question

    Arun Jayaram asked for the 2025 outlook for Halliburton's North America and Completion & Production segments, noting that 90% of frac fleets are already committed. He also questioned how customer efficiency gains, such as using fewer fleets for the same workload, would impact Halliburton's profitability.

    Answer

    Chairman, President and CEO Jeffrey Miller expressed a positive outlook for 2025, citing strong customer plans and the alignment of Halliburton's technology with efficiency goals. He explained that Halliburton leads in efficiency, which improves capital returns by achieving more with less equipment. He emphasized that being at the forefront of this trend creates value and supports margins, positioning the company well for the future.

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    Arun Jayaram's questions to National Energy Services Reunited Corp (NESR) leadership

    Arun Jayaram's questions to National Energy Services Reunited Corp (NESR) leadership • Q1 2025

    Question

    Arun Jayaram from JPMorgan Chase & Co. inquired about current pricing trends across the Middle East, particularly how they are being impacted by reduced conventional activity in Saudi Arabia. He also asked for more detail on the growth opportunities in Kuwait and how they support NESR's revenue growth expectations for 2025 and 2026.

    Answer

    Chairman and CEO Sherif Foda stated that pricing is expected to soften on large tenders, similar to the 2015-16 cycle, but noted that the Middle East did not experience significant price inflation previously. He highlighted Kuwait as a major growth driver, as the country is tendering its entire service ecosystem for its 2040 plan, positioning NESR to significantly grow its presence there and potentially making it the company's second-largest market.

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    Arun Jayaram's questions to National Energy Services Reunited Corp (NESR) leadership • Q4 2024

    Question

    Arun Jayaram asked for an elaboration on the strong Q4 margin performance and the outlook for margin progression in 2025. He also requested more detail on NESR's commercial activities and growth drivers in Kuwait, including its work with KOC and the recent offshore discovery.

    Answer

    CFO Stefan Angeli attributed the strong Q4 margin performance to excellent service quality and operational execution, expecting 2025 margins to be similar to 2024. Chairman and CEO Sherif Foda described Kuwait as a key growth market, highlighting its rig count growth and major offshore discovery. He noted NESR's significant expansion in the country and its selection as one of five partners for the Ahmadi Innovation Valley (AIV), which will deepen its relationship with KOC and drive future growth.

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    Arun Jayaram's questions to APA Corp (US) (APA) leadership

    Arun Jayaram's questions to APA Corp (US) (APA) leadership • Q1 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. requested elaboration on APA's plan to shift to denser well spacing in the Permian. He also asked new CFO Ben Rodgers about the strategy for deploying asset sale proceeds toward debt reduction, given various options like repurchasing discounted bonds.

    Answer

    CEO John Christmann described the move to tighter spacing and smaller fracs as a natural evolution to improve resource development efficiency. President and CFO Steve Riney noted that ongoing cost reductions make denser drilling more economic and that a comprehensive inventory update is forthcoming. CFO Ben Rodgers stated that after paying off the Callon term loan, proceeds will provide flexibility to opportunistically address the debt stack, including bonds trading below par which offer attractive yields.

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    Arun Jayaram's questions to APA Corp (US) (APA) leadership • Q3 2024

    Question

    Arun Jayaram asked about the PDP decline rate for gas in Egypt to better understand the incremental volume potential and questioned if APA was considering adding another 'leg to the stool' for its long-term portfolio.

    Answer

    CEO John Christmann stated that the main [Caser] gas field has been on a double-digit decline but believes the new program can add material incremental volumes. On portfolio strategy, he expressed confidence in the current three pillars: a reshaped Permian, a long-life Egypt asset, and significant growth coming from Suriname in 2028. He believes this positions the company well for the future, supplemented by exploration in places like Alaska.

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    Arun Jayaram's questions to Crescent Energy Co (CRGY) leadership

    Arun Jayaram's questions to Crescent Energy Co (CRGY) leadership • Q1 2025

    Question

    Arun Jayaram asked for the oil mix of the recently acquired Ridgemar properties and how that might affect Crescent's oil mix trend for the year. He also inquired about the tangible benefits of eliminating the Up-C structure and sought clarification on KKR's 180-day lock-up.

    Answer

    Executive Brandi Kendall stated the Ridgemar assets are roughly 70% oil, which will cause the company's oil cut to increase by a low to mid-single digit percentage quarter-over-quarter. CEO David Rockecharlie explained the Up-C elimination simplifies financial reporting and makes the stock easier to own. He characterized KKR's lock-up as a positive indicator of their long-term commitment, not a precursor to selling.

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    Arun Jayaram's questions to Crescent Energy Co (CRGY) leadership • Q3 2024

    Question

    Arun Jayaram noted that the Q3 cost structure was below guidance and asked for the outlook, and also requested a bridge to Q4 oil volumes considering the full contribution from recent acquisitions.

    Answer

    Brandi Kendall, an executive, attributed the Q3 cost outperformance ($12.57/BOE) to accelerated synergies and operational optimizations. She guided for future costs to be in the Q3 to $13/BOE range. For Q4 volumes, she suggested the oil cut would be similar to Q3's 39% and pointed to the reaffirmed full-year production guidance, implying a low-to-mid 250s Mboe/d total volume.

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    Arun Jayaram's questions to Viper Energy Inc (VNOM) leadership

    Arun Jayaram's questions to Viper Energy Inc (VNOM) leadership • Q1 2025

    Question

    Speaking for Arun Jayaram of JPMorgan, an analyst asked if the previously guided 4,000 barrels a day of volume growth for 2026 is still intact and inquired about activity trends among smaller third-party operators.

    Answer

    CEO Kaes Van't Hof confirmed he sees no reason to change the 2026 growth outlook, as Viper will continue to focus on high-NRI (net royalty interest) areas. He added that while smaller private operators may be delaying completions, Viper's assets are concentrated with larger, more resilient operators who are maintaining activity.

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    Arun Jayaram's questions to Chart Industries Inc (GTLS) leadership

    Arun Jayaram's questions to Chart Industries Inc (GTLS) leadership • Q1 2025

    Question

    Arun Jayaram asked for more detail on the potential for large 'chunky' orders in the Heat Transfer Systems (HTS) segment and inquired about the drivers behind the strong Q1 margin performance.

    Answer

    CEO Jillian Evanko explained that the HTS order pipeline remains robust despite a quarterly decline due to timing, with potential large projects ranging from $20 million to $140 million. She attributed the Q1 margin outperformance to strong conversion of higher-margin LNG (IPSMR) and data center backlog in HTS, favorable mix in CTS, and a significant milestone of the Specialty Products segment achieving over 30% gross margin.

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    Arun Jayaram's questions to Chart Industries Inc (GTLS) leadership • Q4 2024

    Question

    Arun Jayaram asked about the quality and margin profile of the strong Q4 bookings and requested details on the $2 billion in customer commitments that are not yet included in the backlog.

    Answer

    CEO Jillian Evanko confirmed the Q4 bookings were high-quality and margin-accretive, driven by the Woodside LNG order in HTS and strong performance in carbon capture and space exploration. She detailed that the $2 billion in commitments includes about 50% from large LNG projects, with the rest from hydrogen, carbon capture, and a significant helium project, contingent on financing or final investment decisions.

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    Arun Jayaram's questions to Expro Group Holdings NV (XPRO) leadership

    Arun Jayaram's questions to Expro Group Holdings NV (XPRO) leadership • Q1 2025

    Question

    Arun Jayaram from JPMorgan Chase & Co. asked about the sustainability of the strong 37% margins in the MENA segment, the contribution from the Coretrax acquisition, and the company's strategy on share buybacks given its net cash position and depressed equity valuation.

    Answer

    CEO Michael Jardon explained that MENA's stability is anchored by long-term contracts with National Oil Companies in Saudi Arabia and Algeria, particularly in onshore unconventional gas. He noted the Coretrax integration has been very successful, driving market penetration in MENA and Australia, and that the company is being methodical about its global rollout. Regarding capital allocation, Jardon acknowledged the opportunity to 'lean into' share repurchases amid market choppiness. CFO Quinn Fanning clarified that the full-year free cash flow guidance of approximately $120 million is net of CapEx.

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    Arun Jayaram's questions to Expro Group Holdings NV (XPRO) leadership • Q3 2024

    Question

    Arun Jayaram asked for an update on the Congo project, specifically its transition to the O&M phase, the status of past losses, and the assumptions for it in the Q4 guidance. He also inquired about current business trends in Mexico.

    Answer

    CEO Michael Jardon confirmed the Congo project is about to enter its O&M phase, with final economics dependent on variation order resolutions. CFO Quinn Fanning noted the high end of Q4 guidance assumes a favorable outcome for the project. Regarding Mexico, Jardon described recent choppiness due to leadership transitions but observed activity patterns are beginning to normalize.

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    Arun Jayaram's questions to Nov Inc (NOV) leadership

    Arun Jayaram's questions to Nov Inc (NOV) leadership • Q1 2025

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked for more detail on the capital equipment order outlook, particularly for FPSOs, and inquired about NOV's position in the subsea flexibles market, including the new Petrobras agreement.

    Answer

    President and COO Jose Bayardo confirmed a strong FPSO pipeline with up to 12 potential awards in 2025, supported by customer confidence in long-term deepwater projects. Chairman and CEO Clay Williams highlighted the significance of the Petrobras agreement for flexible pipe, noting the business accounts for 10-15% of Energy Equipment revenue and has strong growth potential.

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    Arun Jayaram's questions to Nov Inc (NOV) leadership • Q3 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. sought details on how rising production equipment demand could offset weaker rig equipment demand and asked for the key drivers of margin expansion in 2025.

    Answer

    Chairman, President and CEO Clay Williams and SVP and CFO Jose Bayardo explained that stronger book-to-bill ratios in production equipment are expected to offset a modest decline in rig-related demand. They identified three key drivers for 2025 margin expansion: the roll-off of older, lower-margin projects from the backlog, targeted cost savings, and the commercialization of new, higher-value technologies.

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    Arun Jayaram's questions to Transocean Ltd (RIG) leadership

    Arun Jayaram's questions to Transocean Ltd (RIG) leadership • Q1 2025

    Question

    Arun Jayaram asked about the implications of Noble's recent contract awards with Shell for Transocean's incumbent rigs and sought elaboration on activity assumptions for West Africa.

    Answer

    EVP & Chief Commercial Officer Roddie Mackenzie explained that Transocean took a portfolio view and chose not to match the rate levels for that asset class, opting for a longer-term view on rates for its rigs, which become available later. He noted strong inbound interest for these rigs from other operators. President & CEO Keelan Adamson affirmed Shell remains a key customer with future needs. Regarding West Africa, Mackenzie highlighted that the region is 'waking up' with multi-year, multi-rig opportunities expected, predicting the region will require more rigs than are currently present by 2026.

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    Arun Jayaram's questions to Transocean Ltd (RIG) leadership • Q4 2024

    Question

    Arun Jayaram asked for elaboration on the Brazilian market, particularly Petrobras's future rig demand. He also inquired about an insurance recovery and whether the 2025 O&M cost guidance includes anticipated efficiency savings.

    Answer

    EVP and CCO Roddie Mackenzie highlighted Brazil's positive growth, with the rig count expected to reach 32-33 by H2 2025, and noted Petrobras needs all currently contracted rigs. EVP and CFO Thad Vayda clarified that the 2025 O&M guidance does not yet include savings from the new efficiency program and referred to the 10-K for details on a past asbestos settlement.

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    Arun Jayaram's questions to Transocean Ltd (RIG) leadership • Q3 2024

    Question

    Arun Jayaram of JPMorgan Chase & Co. asked for Transocean's view on industry consolidation at the premium end, particularly regarding press reports of a potential merger with Seadrill. He also requested more detail on the reliability issues with the new 20,000-psi BOPs.

    Answer

    CEO Jeremy Thigpen declined to comment on speculative reports but affirmed that Transocean views consolidation as healthy for the industry, citing potential synergies while stressing that any deal must be based on asset quality and value. Regarding the BOPs, President & COO Keelan Adamson described the issues as 'infant mortality' not unexpected with new, high-tolerance technology. He expressed confidence that Transocean and its partners would resolve them quickly, drawing on past experience with new equipment introductions.

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    Arun Jayaram's questions to ProPetro Holding Corp (PUMP) leadership

    Arun Jayaram's questions to ProPetro Holding Corp (PUMP) leadership • Q1 2025

    Question

    Arun Jayaram from JPMorgan Chase & Co. asked about ProPetro's long-term ambitions for building new FORCE electric fleets. He also requested details on the expected financial returns for the new Pro Power contracts and how they compare to reinvesting in the core fracturing business.

    Answer

    CEO Sam Sledge reiterated that electrification is the long-term future and expects to add 1-2 e-fleets per year as the market matures. For the Pro Power business, Sledge confirmed they are targeting 4-year cash-on-cash paybacks, which translates to approximately $300,000 in EBITDA per megawatt annually. He described these as transformational, win-win opportunities that lower customer OpEx and emissions.

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    Arun Jayaram's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Arun Jayaram's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q1 2025

    Question

    Arun Jayaram inquired about the evolution of Patterson-UTI's integrated services commercial model and its benefits for E&P customers, and also asked about the company's replacement CapEx strategy for its frac fleet, particularly concerning natural gas-powered equipment and potential tariff impacts.

    Answer

    CEO William Hendricks detailed the company's unique, broad offering at the well site, emphasizing how integrating services with digital technology enhances customer efficiency. He confirmed that the CapEx budget includes expanding the Emerald 100% natural gas-powered fleet. CFO C. Smith added that the replacement pace will be measured and that the company is actively cultivating alternative suppliers to mitigate potential tariff impacts on component costs.

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    Arun Jayaram's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q3 2024

    Question

    Arun Jayaram asked about a perceived loss of market share in completions, the company's strategy during the current RFP season, the expected number of incremental fleets returning in H1 2025, and the pricing outlook.

    Answer

    CEO William Hendricks asserted that the company has not lost market share, attributing recent trends to customer mix and emphasizing that their primary focus is on margin and cash flow. He expects activity in H1 2025 to return to levels seen in Q2/Q3 2024 and believes that pricing pressures experienced this year will stabilize in early 2025.

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    Arun Jayaram's questions to Liberty Energy Inc (LBRT) leadership

    Arun Jayaram's questions to Liberty Energy Inc (LBRT) leadership • Q1 2025

    Question

    Arun Jayaram asked for Liberty's perspective on a normalized frac fleet count if U.S. oil production were to decline and requested more details on the company's plans to support increased natural gas activity.

    Answer

    CEO Ron Gusek estimated that a 1 million barrel-per-day drop in unconventional oil output might reduce the active frac fleet from ~220 to ~190 crews, which he described as not catastrophic. He also confirmed that strengthening natural gas fundamentals are leading to increased customer activity, and Liberty is actively scheduling more work in gas basins for Q2 and Q3.

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    Arun Jayaram's questions to Liberty Energy Inc (LBRT) leadership • Q4 2024

    Question

    Arun Jayaram from JPMorgan asked about the expected return profile for the mobile power generation business and inquired about Liberty's intellectual property and the financial benefits associated with the new Cummins variable-speed natural gas engine.

    Answer

    CEO Ron Gusek and CFO Michael Stock detailed that returns for the power business will vary with contract terms, targeting an average in the mid-to-high teens. Regarding the new engine, Gusek clarified that while Cummins holds the engine IP, Liberty is the advantaged launch partner. The financial benefits for Liberty include sharing in customer fuel savings, significantly longer engine overhaul intervals (60k-80k hours vs. 20k-25k for diesel), and lower maintenance costs.

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    Arun Jayaram's questions to Talos Energy Inc (TALO) leadership

    Arun Jayaram's questions to Talos Energy Inc (TALO) leadership • Q4 2024

    Question

    Arun Jayaram asked about the specific activities and timeline required to prove up more of the Katmai resource, moving from the current 50 million barrels of proved reserves toward the larger resource potential.

    Answer

    Interim Co-President and CFO Sergio Maiworm explained that proving up reserves is a function of both additional drilling and the passage of time. Due to offshore reserve booking rules, probable reserves naturally convert to proved developed producing (PDP) reserves as the field produces over time. While new wells would accelerate this booking, it may not be the most economic path, and reserves will be added over time without significant new capital.

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    Arun Jayaram's questions to Helmerich and Payne Inc (HP) leadership

    Arun Jayaram's questions to Helmerich and Payne Inc (HP) leadership • Q4 2024

    Question

    Arun Jayaram asked for the potential run-rate EBITDA for KCA Deutag considering recent rig suspensions and questioned the activity outlook for Helmerich & Payne's North America Solutions segment.

    Answer

    President and CEO John Lindsay and executive Dave Wilson explained they could not provide a quantifiable EBITDA for KCA Deutag due to the uncertain duration of rig suspensions, which could be anywhere from two to twelve months. However, SVP and CFO J. Vann highlighted that factors like H&P's reduced CapEx, higher-than-expected proceeds from the ADNOC Drilling share sale, and favorable bond financing rates keep the company on track with its original deleveraging targets for 2025 and 2026.

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